An Indian-origin hedge fund manager in the US has pleaded guilty to his involvement in insider trading schemes and could face up to 20 years in prison.
Samir Barai, 39, a portfolio manager at two different New York hedge funds, pleaded guilty before Magistrate Judge Kevin Nathaniel Fox to one count of conspiracy to commit securities fraud and wire fraud, one count of wire fraud and one count of obstruction of justice, Preet Bharara, the United States Attorney for the Southern District of New York said.
Barai, who had been arrested on February 8 this year and charged in a criminal complaint, is scheduled to be sentenced on August 29, 2011.
